The Concept of Entrepreneurship

Entrepreneurship is . a process undertaken by an entrepreneur to launch his business interests. an exercise involving innovation and creativity that leads towards establishing his/her enterprise. the ability to discover an investment opportunity and to organise an enterprise, thereby contributing to real economic growth. It involves taking of risks and making the necessary investments under conditions of uncertainty and innovating, planning, and taking decisions so as to increase production in agriculture, business, industry etc.

 a composite skill, the resultant of a mix of many qualities and traits - these. include tangible factors as imagination, readiness to take risks, ability to bring together and put to use other factors of production capital, labour, land, as also intangible factors such as the ability to mobilise scientific and technological advances. Entrepreneurship lies more in the ability to minimise the use of resources and to put them to maximum advantage.

Entrepreneurship is a natural tendency of mind to calculate risks with confidence to achieve a pre-determined business or industrial objective

CHARACTERISTICS OF AN ENTREPRENEUR
CLEAR OBJECTIVE ADMINITRATIVE ABILITY ORGANISATIONS SKILLS INTELLIGENCE CREATIVITY INNOVATION BUSINESS SECRECY SOUND KNOWLEDGE EMOTIONAL STABILITY PUBLIC RELATIONS EFFECTIVE COMMUNICATION TECHNICAL KNOWLEDGE

Advantages of Developing and Encouraging Entrepreneurship Employment Generation Distribution of Economic power Optimum utilization of regional resources Meeting the demand gap by seizing appropriate opportunity Export Potential Regional Development

Nature of Entrepreneurship
Power to change destiny of a family, city, state or the country as a whole. Can become one of the strongest economic powers in the world today.
The people in other economically backward states is against entrepreneurship. They search for jobs, lives under the safety umbrella of monthly salary. Entrepreneur is an opportunity seizer and not opportunist.

Development of Entrepreneurship
Earlier restricted to certain communities. State Development Corporation and Small Scale Industries. Limited success in nurturing Entrepreneurship: i. People prefer job to self employment ii. Problem with selection process iii. Unemployed people do not have experience of working in an organized way. iv. Target people who have job but dissatisfied and would like to take up entrepreneurship as a career. The source of supply of entrepreneurs could be management institutes

 i.

Take initiative: Entrepreneurship management should be made compulsory subject. ii. Cases on successful entrepreneurs. iii. Project work related to proposed venture and feasibility reports. iv. Regular talk by successful entrepreneur should be organized. v. Successful entrepreneur alumni will be more impactful.

Barriers to Entrepreneurship
A large number of entrepreneurs particularly in the small enterprises fall due to several problems and barriers.

Lack of a viable concept Lack of market knowledge Lack of technical skills Lack of capital Lack of business know-how Lack of motivation Social stigma Time presences and distractions Legal constraints and regulations Monopoly Restriction of patents

Reference books: 1. Beyond Entrepreneurship By James C. Collins, Williams C. Lazier Entrepreneurship Management By P.N. Singh, J C Saboo Dynamics of Entrepreneurship Development and Management By Vasant Desai Entrepreneurship Development in India By Bishwanath Ghosh

2.

3.

4.